Abu Dhabi: Shareholders of Abu Dhabi Islamic Bank (ADIB) approved a cash dividend of 24.52 per cent for year 2016 at its annual general meeting in Abu Dhabi on Sunday evening.
The bank’s board had recommended a dividend of a 24.52 per cent when it announced financial results for 2016 in February.
The cash dividend represents 39.8 per cent of full year net profits for 2016, and is equivalent to Dh780 million.
In the bank’s annual report 2016 which was released on Sunday, Tirad Al Mahmoud, Group Chief Executive Officer said the prospects for the UAE as a whole in 2017 are encouraging, supported by stability in oil prices and emphasis on non-oil growth. “Nonetheless, we continue to forecast modest customer financing growth in the UAE. Our focus remains on pursuing growth strategies in select segments,” he said.
Al Mahmoud is currently on medical leave and the annual general meeting was chaired by Khamis Buharoon who is the vice-chairman of the ADIB Board of Directors.
ADIB posted an increase in net revenues for 2016 by 4.9 per cent to Dh5.39 billion, with the bank’s total assets rising 3.3 per cent to Dh122.3 billion. It posted a net profit of Dh1.95 billion in 2016, a 1% increase on the previous year.
The net profit in the fourth quarter of 2016 stood at Dh455 million — a 4.7 per cent decline from the Dh477 million recorded in the same quarter of 2015.
Apart from the UAE, ADIB has presence in six countries including Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Iraq and Qatar.
The bank has achieved the highest Emiratisation rate among all UAE banks in 2016, with 850 UAE nationals working at the bank across all departments and positions.
